Backus, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Backus, MN Real Estate Data


Backus Housing Market Information

With a population of 246, 156 total housing units (homes and apartments), and a median house value of $141,360, Backus real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Backus, accounting for 77.50% of the city's housing units. Other types of housing that are prevalent in Backus include mobile homes or trailers ( 10.00%), duplexes, homes converted to apartments or other small apartment buildings ( 7.00%), and a few large apartment complexes or high rise apartments ( 4.00%).

Dwellings in Backus tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 49.00% of the homes in Backus have two or fewer bedrooms.

There is a lot of housing in Backus built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Backus built before 1939 ( 28.00%). A lesser amount of the housing stock also hails from between 1940-1969 ( 27.00%). There's also some housing in Backus built between 2000 and later ( 9.00%).

Vacant housing appears to be an issue in Backus. Fully 22.00% of the housing stock is classified as vacant. Left unchecked, vacant Backus homes and apartments can be a drag on the real estate market, holding Backus real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Backus Home Appreciation Rates

Backus's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Backus during the period has been just -1.41%, which is lower than 80% of US communities.

Over the last year, Backus appreciation rates have trailed the rest of the nation. In the last twelve months, Backus's appreciation rate has been 2.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Backus were at 1.73%, which equates to an annual appreciation rate of 7.09%.

Relative to Minnesota, our data show that Backus's latest annual appreciation rate is lower than 90% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$141,360

Backus, MN HOME PRICES

Value Range
> $1,060,000 0.8
$795,001 - $1,060,000 0.4
$530,001 - $795,000 1.9
$424,001 - $530,000 2.3
$318,001 - $424,000 6.4
$212,001 - $318,000 15.1
$106,001 - $212,000 40.3
$53,001 - $106,000 20.8
$0 - $53,000 12.0

Low for MN
Average for Nation

Value Relative to Nation Value Relative to State
54.9452479943784 73.5112936344969

Number Of Homes And Apartments:
156

Rent & Ownership

 

Average Market Rent:
$924 / per month

Homeownership Rate

Homeownership
Owners 76.28
Renters 23.72
Vacant 22.00

Housing Market Details

 

Age of Homes

AGE OF Backus HOMES
2000 or Newer 9.0
1970 - 1999 36.0
1940 - 1969 27.0
1939 or Older 28.0

Types of Homes

TYPE OF Backus HOMES
Single-Family 77.5
Townhomes 1.5
Small Apt. Buildings 7.0
Apt. Complexes 4.0
Mobile Homes 10.0
Other 0.0

Home Size

SIZE OF Backus HOMES
No Bedroom 1.00
1 Bedroom 12.50
2 Bedrooms 35.50
3 Bedrooms 44.00
4 Bedrooms 3.50
5 or more bedrooms 3.50

Backus Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
39.76% 1.99% 5 5
* 10 is highest

Popular Neighborhoods in Backus

Zip Codes in Backus, MN